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Enigma Network

Enigma Network
The latest news, analysis and opinion on Enigma Network. In-depth analysis, industry insights and expert opinion.
Hong Kong’s Court of Appeal delivered its ruling on Tuesday. Photo: Sun Yeung
Hong Kong courts

Hong Kong court quashes convictions of 4 in alleged scheme to defraud Convoy

Court of Appeal clears three executives of two charges of conspiracy to defraud and quashes conviction of fourth defendant.

ICAC

Hong Kong court slaps jail time on four people in Convoy fraud case

ICAC

Hong Kong finds four guilty of defrauding Convoy in a win for ICAC

Financial regulation

Convoy’s auditor is under regulatory spotlight in Enigma crackdown

The FRC’s unprecedented move, its first announcement of such an inquiry since its establishment in 2006, underscores the resolve by Hong Kong’s regulators in cleaning up corporate malfeasance and financial fraud in Asia’s second-largest capital market.

The office of Convoy Global Holdings in Wan Chai ahead of an extraordinary general meeting of shareholders on January 7, 2021. Photo: K. Y. Cheng
Banking & finance

Convoy reports financial losses as it seeks to move beyond scandal

Resumption of financial reporting could boost efforts by Convoy Group Holdings to maintain a Hong Kong listing.

SFC

Convoy’s boardroom saga continues as shareholders jostle for control

The enlarged board would strengthen the hand of the Tsai family, which owns 29.98 per cent stake in Convoy, against an attempt by Kwok Hui-kwan – with 29.91 per cent shareholding – to seize control of the company, one of the financial advisers for Hong Kong’s mandatory pension fund.

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SFC

Exclusive | ICAC to haul Convoy trio back to court as it appeals acquittal verdict

The November 30 acquittal of the Convoy trio was a major setback for one of the city’s biggest investigations into financial malfeasance in decades, in the first joint prosecution between the ICAC and the Securities and Futures Commission (SFC).

Convoy Global Holdings’ former director Roy Cho Kwai-chee outside the District Court in Wan Chai on November 30, 2020. Photo: Nora Tam
ICAC

Hong Kong court acquits key figures in city’s largest corporate fraud

Convoy, one of the largest advisers of Hong Kong’s Mandatory Pension Fund, is a crucial piece in a cluster of interrelated companies with layers of overlapping shareholdings that have resisted regulatory crackdowns.

ICAC

Convoy repels shareholder’s boardroom coup as fraud verdict looms

The boardroom tussle comes just days before a verdict is expected on a former director and two associates, who face criminal charges of attempting to defraud Convoy of HK$89 million.

SFC

Fight intensifies for firm at heart of Hong Kong’s biggest fraud case

The tussle for control is the second attempt since December 2017 by Kwok to wrest control of Convoy from the Tsai family, when his votes were excluded from a tally, under a decision by Convoy’s chairman Johnny Chen.

videocam
Pedestrians walk past the @Convoy building, which houses the headquarters of Convoy Global Holdings in Hong Kong in December 2017. Photo: Bloomberg
Investing

Hong Kong activist investor David Webb diagnosed with prostate cancer

Webb, who runs a website examining Hong Kong corporate governance and regulation, said he went public with his diagnosis to reassure investors ‘as the news would get out sooner or later’.

‘I will have to be more economical with my time,’ says activist investor David Webb, seen in this file photo from December 2018. Photo: Bloomberg
ICAC

Hong Kong university seeks to distance itself from alleged fraud figure

Education University of Hong Kong wants to remove Roy Cho Kwai-chee’s name from its main building, but has found it difficult to do so.

Stocks

Hong Kong’s richest woman loses half her fortune – on paper

Law

Judge extends hearing date on ‘enigma network’ to September

A 2004 file photo of Francis Choi Chi-ming. Plaintiffs in a lawsuit seeking HK$715 million in compensation for funds bilked from Convoy have been granted an adjournment, as they seek to add Choi to the list of defendants on the writ.
SFC

Will Hong Kong’s ‘enigma network’ unravel with Convoy hearings?

A 2000 file photo of Roy Cho Kwai-chee (middle). Photo: Garrige Ho
SFC

Oops! A lost report caused China e-Wallet to misstate profit as a loss

China e-Wallet Payment mistakenly reported a net loss for the first half of 2015, instead of HK$281.5 million (US$36 million) profit when a crucial document was lost in transit

Explainers: Business

Explainer: Who’s who in the tangled web of the Convoy enigma

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Mandatory Provident Fund (MPF)

How Convoy morphed into focus of Hong Kong’s graft probe

Timeline: How Convoy morphed from MPF adviser to focus of Hong Kong’s biggest graft probe
Mandatory Provident Fund (MPF)

Convoy management thwarts coup attempt, stays intact for clean up

Update | Latest ‘Enigma’ salvoes fired as China Green denies being Convoy placee

New | China Green sucked into ‘Enigma Network’ fallout after Convoy lawsuit

A man mops the floor outside the "@Convoy” building, which houses the headquarters of Convoy Global Holdings, in Hong Kong on December 11. Convoy has confirmed that three executive directors were arrested by the anti-corruption agency, including Chairman Wong Lee Man. Photo: Anthony Bloomberg
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